Idaho Administrative Code
Title IDAPA 18 - Insurance, Department of
Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES
Section 18.07.01.055 - REGULATION - COMPLIANCE
Current through August 31, 2023
01. Wavier of Compliance. No regulatory standards are waived during the pendency of a Plan application. (4-6-23)
02. Merger or Acquisition. MHC mergers and acquisitions are subject to Director approval. If a MHC is to acquire more than fifty percent (50%) of a stock insurance company, then the applicant files a plan describing the insurer's policyholders' membership interests in the MHC. (4-6-23)
03. Annual Financial Statement. A MHC will annually file a financial statement by June 1 including: (4-6-23)
04. Subsidiary Investment Obligations. At least fifty percent (50%) of the MHC's generally accepted accounting practices (GAAP) basis net worth will be invested in insurance company subsidiaries. (4-6-23)
05. Distributions to Policyholders. Policy credits, dividends or other distributions to a MHC's policyholder members will be fair and equitable and are subject to Director approval and the public hearing process in Chapter 38, Title 41, Idaho Code. (4-6-23)